Civic Intelligence

Freeport Area Economic Development Foundation Inc

990 • Fiscal year 2023 • EIN 36-3280411

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 15, 2024

Organization ProfileGREATERFREEPORT.COM
110 W Main StFreeport, IL 61032

(815) 233-1350

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.54x

Higher debt load relative to assets than 85% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

79th percentile

0.47x

Higher debt load relative to revenue than 79% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

60th percentile

9.0%

Higher net margin than 60% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

73rd percentile

$112,775

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 10.7% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

36th percentile

-0.1%

Faster asset growth than 36% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

64th percentile

17%

Faster revenue growth than 64% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$934,991

Down $824 (-0.1%) from 2022

Net Assets

Up

$434,368

Up $94,751 (+28%) from 2022

Liabilities

Down

$500,623

Down $95,575 (-16%) from 2022

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin60th percentile

Revenue

Up

$1,055,011

Up $153,087 (+17%) from 2022

Expenses

Down

$960,260

Down $41,801 (-4.2%) from 2022

Net Income

Up

$94,751

Up $194,888 (+195%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0M$500K$0Assets 2011: $373,104Liabilities 2011: $186,702Net Assets 2011: $186,4022011Assets 2012: $409,010Liabilities 2012: $224,185Net Assets 2012: $184,8252012Assets 2013: $373,706Liabilities 2013: $169,942Net Assets 2013: $203,7642013Assets 2014: $362,280Liabilities 2014: $165,175Net Assets 2014: $197,1052014Assets 2015: $365,436Liabilities 2015: $127,586Net Assets 2015: $237,8502015Assets 2016: $450,444Liabilities 2016: $89,302Net Assets 2016: $361,1422016Assets 2017: $392,954Liabilities 2017: $100,154Net Assets 2017: $292,8002017Assets 2019: $473,622Liabilities 2019: $84,286Net Assets 2019: $389,3362019Assets 2020: $623,370Liabilities 2020: $103,140Net Assets 2020: $520,2302020Assets 2021: $551,807Liabilities 2021: $112,053Net Assets 2021: $439,7542021Assets 2022: $935,815Liabilities 2022: $596,198Net Assets 2022: $339,6172022Assets 2023: $934,991Liabilities 2023: $500,623Net Assets 2023: $434,3682023Assets 2024: $901,070Liabilities 2024: $400,882Net Assets 2024: $500,1882024

Highlighted filing

2023

Assets$934,991
Liabilities$500,623
Net Assets$434,368
Open 2023 Filing

Operations Trend

Revenue Growth64th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2011: $247,4712011Expenses 2012: $336,4732012Revenue 2013: $271,784Expenses 2013: $307,603Net Income 2013: -$35,8192013Revenue 2014: $261,698Expenses 2014: $268,357Net Income 2014: -$6,6592014Revenue 2015: $294,081Expenses 2015: $253,336Net Income 2015: $40,7452015Revenue 2016: $517,834Expenses 2016: $394,542Net Income 2016: $123,2922016Revenue 2017: $504,581Expenses 2017: $572,923Net Income 2017: -$68,3422017Revenue 2019: $844,596Expenses 2019: $817,917Net Income 2019: $26,6792019Revenue 2020: $971,815Expenses 2020: $840,921Net Income 2020: $130,8942020Revenue 2021: $873,402Expenses 2021: $953,878Net Income 2021: -$80,4762021Revenue 2022: $901,924Expenses 2022: $1,002,061Net Income 2022: -$100,1372022Revenue 2023: $1,055,011Expenses 2023: $960,260Net Income 2023: $94,7512023Revenue 2024: $979,152Expenses 2024: $913,332Net Income 2024: $65,8202024

Highlighted filing

2023

Revenue$1,055,011
Expenses$960,260
Net Income$94,751
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 15, 2024
Return Version
2023v5.0
Gross Receipts
$1,196,425
Mission and Program Overview

Mission

To promote economic development in northwest illinois.

To promote economic and community development and enhancement in northwest illinois.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$251,426$259,208▲ $7,782
Accounts Receivable$145,659$146,229▲ $570
Cash and Non-Interest-Bearing Accounts$39,601$80,498▲ $40,897
Prepaid Expenses and Deferred Charges$14,444$18,141▲ $3,697
Land, Buildings, and Equipment, Net$22,551$15,089▼ $7,462
Total Assets$935,815$934,991▼ $824
Other Assets Total$462,134$415,826▼ $46,308
Liabilities
Other Liabilities$491,055$454,466▼ $36,589
Accounts Payable and Accrued Expenses$72,143$44,297▼ $27,846
Mortgage Notes Payable Secured by Investment Property$30,000--
Deferred Revenue$3,000$1,860▼ $1,140
Total Liabilities$596,198$500,623▼ $95,575
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$324,798$399,593▲ $74,795
Net Assets With Donor Restrictions$14,819$34,775▲ $19,956
Total Net Assets Fund Balance$339,617$434,368▲ $94,751
Total Liabilities and Net Assets / Fund Balance$935,815$934,991▼ $824

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$11,668$66,196$77,864
Leasehold Improvements$3,421$4,036$7,457
Other Assets Org$415,826--
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark WilliamsFormer ExecFT$103,486$9,289$112,775
Andrea Schultz WinterExecutive DiFT$89,206$2,676$91,882

Board Members and Trustees

NameTitle
Mark GridleyChair
Gary QuinnChair Emerit
Josh ElliottVice Chair
Anna AlvaradoDirector
Carolyn MitchellDirector
Chris KuberskiDirector
Delbert BunkerDirector
Derek ThompsonDirector
Georgia NewcomerDirector
Larry FeinerDirector
Mike MartenDirector
Rob BoyerDirector
Ross VehmeierDirector
Amy BakerSecretary
Chris SchneidermanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$961,991
Program Service Revenue
$59,613
Investment Income
$7,909
Other Revenue
$25,498
All Other Contributions
$134,215
Change in Net Assets
$94,751

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,055,011
Revenue Not Reported on Form 990
$15,000
Total Revenue per Audited Statements
$1,070,011
Total Revenue per Form 990
$1,055,011
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$567,546
Other Expenses$392,714
Total Fundraising Expense$43,142
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$217,891$48,297$23,674$289,862
Current Officers, Directors, Trustees, and Key Employees$161,646$15,523$15,523$192,692
Occupancy$100,168$12,445-$112,613
Other Employee Benefits$36,737$8,603-$45,340
Fees for Services Accounting-$39,705-$39,705
Payroll Taxes$30,963$5,691$2,998$39,652
Advertising$28,308--$28,308
Office Expenses$16,585$3,887-$20,472
Information Technology$15,621$30-$15,651
Conferences and Meetings$14,554$16-$14,570
Depreciation Depletion$6,138$1,324-$7,462
Insurance$5,560$1,073-$6,633
Other Expenses$997$4,173$947$1,944
Fees for Services Legal-$656-$656
All Other Expenses$250$173-$423
Travel$326--$326
Interest-$65-$65
Total Functional Expenses$717,074$200,044$43,142$960,260

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$975,260
Expenses per Audited Statements$960,260
Total Expenses per Form 990$960,260
Expenses Not Reported on Form 990$15,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$138,564
Fundraising Gross Income$98,800
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Other$44,187$30,503$24,914$5,589
Music on Chicag$40,159$28,826$16,801$12,025
Total Events$160,734$98,800$138,564$-39,764
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$415,826
Other Liabilities$21,348
Gift Certificates Outstanding$17,292
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The form 990 is reviewed by the board of directors.”

Form 990, Page 6, Part VI, Line 12C

“Monitoring of compliance with the conflict of interest policy is done at the time the form 990 is reviewed by the board of directors.”

Form 990, Page 6, Part VI, Line 15A

“Compensation is based on data that is gathered from comparable organizations and reviewed by the executive committee acting as the compensation committee and then approved by the board of directors.”

Form 990, Page 6, Part VI, Line 15B

“Compensation is based on data that is gathered from comparable organizations and reviewed by the executive committee acting as the compensation committee and then approved by the board of directors.”

Form 990, Page 6, Part VI, Line 19

“The financial statements are available on the internet, as is the form 990. The corporation's bylaws and conflict of interest policy are available upon request.”

Filing and Contact Details

Filer

Filer Name
Greater Freeport Partnership
EIN
36-3280411
Phone
8152331350
Address
110 W MAIN ST, FREEPORT, IL 61032

Signing Officer

Name
Chris Schneiderman
Title
Treasurer
Phone
8152331359
Signed
2024-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Gridley
Formed
1984
Legal Domicile
Il
Voting Board Members
14
Independent Board Members
14
Employees
12
Volunteers
398

Preparer

Firm
Lucas Group Cpas Advisors LLC
Address
1753 S WEST AVE, FREEPORT, IL 61032-6709
Preparer
Carol Jackowski
Phone
8152359610
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Management has determined that the organization does not have any uncertain tax positions and associated unrecognized benefits that would materially impact the financial statements or related disclosures.”

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IRS990/InformationTechnologyGrp/ProgramServicesAmt015621
IRS990/InformationTechnologyGrp/TotalAmt015651
IRS990/InsuranceGrp/ManagementAndGeneralAmt01073
IRS990/InsuranceGrp/ProgramServicesAmt05560
IRS990/InsuranceGrp/TotalAmt06633
IRS990/InterestGrp/ManagementAndGeneralAmt065
IRS990/InterestGrp/TotalAmt065
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt07909
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IRS990/LandBldgEquipCostOrOtherBssAmt085321
IRS990/LegalDomicileStateCd0IL
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembershipDuesAmt0232980
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT AND ENHANCEMENT IN NORTHWEST ILLINOIS.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt030000
IRS990/NetAssetsOrFundBalancesBOYAmt0339617
IRS990/NetAssetsOrFundBalancesEOYAmt0434368
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt0-39764
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt02311
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt02311
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0324798
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0399593
IRS990/NoncashContributionsAmt011722
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt012445
IRS990/OccupancyGrp/ProgramServicesAmt0100168
IRS990/OccupancyGrp/TotalAmt0112613
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt03887
IRS990/OfficeExpensesGrp/ProgramServicesAmt016585
IRS990/OfficeExpensesGrp/TotalAmt020472
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0462134
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08603
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt036737
IRS990/OtherEmployeeBenefitsGrp/TotalAmt045340
IRS990/OtherExpensesGrp/Desc0REPAIRS & MAINTENANCE
IRS990/OtherExpensesGrp/Desc1OTHER PROGRAM EXPENSES
IRS990/OtherExpensesGrp/Desc2DUES & MEMBERSHIPS
IRS990/OtherExpensesGrp/Desc3CREDIT CARD FEES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt058383
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt14173
IRS990/OtherExpensesGrp/ProgramServicesAmt011037
IRS990/OtherExpensesGrp/ProgramServicesAmt164664
IRS990/OtherExpensesGrp/ProgramServicesAmt25629
IRS990/OtherExpensesGrp/ProgramServicesAmt3997
IRS990/OtherExpensesGrp/TotalAmt069420
IRS990/OtherExpensesGrp/TotalAmt164664
IRS990/OtherExpensesGrp/TotalAmt29802
IRS990/OtherExpensesGrp/TotalAmt31944
IRS990/OtherLiabilitiesGrp/BOYAmt0491055
IRS990/OtherLiabilitiesGrp/EOYAmt0454466
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueTotalAmt062951
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt023674
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt048297
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0217891
IRS990/OtherSalariesAndWagesGrp/TotalAmt0289862
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt02998
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt05691
IRS990/PayrollTaxesGrp/ProgramServicesAmt030963
IRS990/PayrollTaxesGrp/TotalAmt039652
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt014444
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt018141
IRS990/PrincipalOfficerNm0MARK GRIDLEY
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0541900
IRS990/ProgramServiceRevenueGrp/Desc0MEMBER DUES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt059613
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt059613
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0836077
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt01675
IRS990/PYOtherExpensesAmt0348638
IRS990/PYOtherRevenueAmt0-15553
IRS990/PYProgramServiceRevenueAmt079725
IRS990/PYRevenuesLessExpensesAmt0-100137
IRS990/PYSalariesCompEmpBnftPaidAmt0653423
IRS990/PYTotalExpensesAmt01002061
IRS990/PYTotalRevenueAmt0901924
IRS990/ReconcilationRevenueExpnssAmt094751
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01055011
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0251426
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0259208
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0833213
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0793601
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0787512
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt07909
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01360
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01026
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0933402
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99710
IRS990ScheduleA/PublicSupportPY170Pct00.99860
IRS990ScheduleA/PublicSupportTotal170Amt04212394
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0961991
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0787512
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt04212394
IRS990ScheduleA/TotalSupportAmt04224834
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt015000
IRS990ScheduleD/DonatedServicesUseFcltsAmt015000
IRS990ScheduleD/EquipmentGrp/BookValueAmt011668
IRS990ScheduleD/EquipmentGrp/DepreciationAmt066196
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt077864
IRS990ScheduleD/ExpensesNotReportedAmt015000
IRS990ScheduleD/ExpensesSubtotalAmt0960260
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt03421
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt04036
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt07457
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0415826

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$934,991
Liabilities
$500,623
Net assets
$434,368
Revenue
$1,055,011
Expenses
$960,260
Net income
$94,751
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.90$0.40$0.50$0.98$0.91$0.07
2023Detailed filing. Detailed filing data is available for this year.$0.93$0.50$0.43$1.06$0.96$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.94$0.60$0.34$0.90$1.00$0.10
2021Detailed filing. Detailed filing data is available for this year.$0.55$0.11$0.44$0.87$0.95$0.08
2020Detailed filing. Detailed filing data is available for this year.$0.62$0.10$0.52$0.97$0.84$0.13
2019Detailed filing. Detailed filing data is available for this year.$0.47$0.08$0.39$0.84$0.82$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.39$0.10$0.29$0.50$0.57$0.07
2016Detailed filing. Detailed filing data is available for this year.$0.45$0.09$0.36$0.52$0.39$0.12
2015Detailed filing. Detailed filing data is available for this year.$0.37$0.13$0.24$0.29$0.25$0.04
2014Detailed filing. Detailed filing data is available for this year.$0.36$0.17$0.20$0.26$0.27$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.37$0.17$0.20$0.27$0.31$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.22$0.18$0.34
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.37$0.19$0.19$0.25